The partners who own Lane Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Lane Rafts, Inc. The charter from the state of Colorado authorizes the corporation to issue 125,000 shares of $6 par common stock. In its first month, Lane Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements More info Requirement 1. Record the transa Mar 6: Issued 1,000 shares of com Mar 6 Mar 9 Date Mari 6 Organization Exp Common Stock Paid-in Capital in Mar 26 Mar 9: Issued 6,000 shares of com Lane Rafts, Co. Date Mar Cash Issued 1,000 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $25,000. Debit Organization Expense. Issued 6,000 shares of common stock to Anna Bergen and 18,000 shares to Pam Lane in retum for cash equal to the stock's market value of $27 per share. The two women were partners in Lane Rafts Co. Issued 1,500 shares of common stock for $20 cash per share Print Done Journal Entry Accounts Debit Credit Common Stock Paid-in Capital in Excess of Par-Common Mar 26: Issued 1,500 shares of common stock for $20 cash per share. Journal Entry anization Expense. share. The two women were partners in